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  • Kenya received $377.8 million (Sh50 billion) from a consortium of European agencies to build a Bus Rapid Transport (BRT) lane in Nairobi in 2023 which is also the first electric bus lane in the East Africa region. The European Union will provide $48.9 million (Sh6.47 billion) in grants, the European Investment Bank (EIB) and Agence Française de Développement (AFD) will jointly support the project with $256.8 million (Sh33.9 billion), and Kenya will bring $72.0 million (Sh9.5 billion).

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  • The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.

    Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.

    A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 2023.

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    The FAAC's revenue distribution from 2017 to August 2023 highlights the dominance of Delta, Akwa Ibom, Rivers, and Bayelsa states in allocations. Despite Lagos' economic prominence, it ranked fifth. Here is the distribution of revenue among states between 2017 and August 2023.

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  • A Trend of Adult literacy rates of African countries

    Between 2018 and 2021, adult literacy rates across African nations exhibited significant disparities. Seychelles and South Africa led with literacy rates of 96% and 95%, respectively, indicating a high proportion of literate adults. Conversely, Chad had the lowest literacy rate during this period.

    These statistics underscore the uneven progress in educational attainment across Africa, highlighting the need for targeted interventions to improve literacy in lower-performing nations.

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    Countries by Global Innovation Index 2024

    The Global Innovation Index 2024 reveals a striking contrast in innovation performance between countries globally and across Africa. Switzerland leads the global rankings with an impressive score of 67.5, followed by Sweden (64.5) and the USA (62.4), highlighting their sustained investments in research, development, and technological advancement.

    In Africa, Mauritius takes the top spot with a score of 30.5, followed closely by Morocco (28.8) and South Africa (28.3). However, even Africa's most innovative nations achieve less than half the score of global leaders, indicating a significant innovation gap.

    Nigeria ranks 15th in the African ranking and 113th globally, out of 133 countries, with a score of 17.1.

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  • Nigeria's debt burden has been a growing concern, with data revealing that for every $1 billion external loan repaid in the past decade, approximately $3 billion was borrowed. Here, we look at how the country has managed its external debt in the past ten years.
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  • MTN Nigeria has dominated the country's telecommunications market over the years, accounting for the largest market share. All four operators, apart from 9mobile, recorded a significant increase in their subscriber base between May 2014 and March 2024.

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  • The 2024 Global Peace Index reveals a decline in peacefulness in 97 countries, the highest since the index began.

    Nigeria is among the nations affected by regional conflicts and rising violence. With a peace index score of 2.91, Nigeria is facing increasing challenges.

    A deteriorating peace score impacts foreign investment and economic stability. Global economic losses due to violence reached $19.1 trillion in 2023.

    See more
Other Insights
Key takeaways:
  • Nestlé Nigeria's income tax contributions rose from ₦5.6 billion in 2015 to ₦57 billion in 2024.
  • In 2024, the company saw an extraordinary 132% rise in taxes compared to the previous year.
  • Despite facing economic hurdles during the COVID-19 pandemic, Nestlé ensured that its tax contributions remained above ₦21 billion annually from 2020 to 2022.
  • The significant spike in 2024 was mainly due to a considerable loss before tax, driven by heightened finance costs stemming from the devaluation of the Naira.
  • Nestlé Nigeria's 144% income tax growth in 2016 is the highest in the past ten years.
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Borrowing costs in African countries (2008, 2019, and 2024)
  • Africa now spends 27.5% of revenue on interest payments, nearly 4 times higher than in 2008.
  • The debt burden is rising faster than economic growth as interest payments as a percentage of GDP grew from 5.4% in 2008 to 8.2% in 2024, showing increasing financial strain.
  • Effective interest rates have more than tripled from 1.4% in 2008 to 5.0% in 2024, making debt less affordable.
  • Between 2008 and 2019, the ratio of interest to revenue rose by 12.2 percentage points, and in five years (2019–2024), it surged by another 8.5 percentage points.
  • As borrowing costs rise, the risk of defaults and fiscal crises in African economies grows, making financial stability a concern.
  • More money spent on debt means less for roads, hospitals, and schools, slowing down long-term economic progress.
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Countries projected to have the lowest nominal GDP (2025)
  • With a projected GDP of $80 million, Tuvalu ranks as the smallest economy globally, producing less in a year than many corporations earn in a day.
  • Even when put together, these small economies still fall far behind the economic output of many mid-sized countries or cities.
  • Nigeria’s $199.72 billion GDP overshadows the economies of these nations.
  • Many of the world’s smallest economies are Pacific and Caribbean island nations, which often depend on tourism, remittances, and international aid.
  • With limited industries and small populations, these economies are highly vulnerable to external shocks like climate change, supply chain disruptions, or shifts in global tourism trends.
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Age (in years) of African nations since independence (top 10 and bottom 10)
  • Gaining independence in 1847, Liberia has been free for 177 years, long before most African nations began their fight for sovereignty.
  • With only 13 years of independence, South Sudan remains the newest nation on the continent, still navigating the challenges of nation-building.
  • The difference between Liberia and South Sudan is 164 years, showing the vast timeline over which African nations gained independence.
  • The majority of African nations secured sovereignty between the 1950s and 1970s, marking the height of the decolonisation movement.
  • Countries like Zimbabwe (1980), Namibia (1990), and Eritrea (1993) faced prolonged struggles against colonial rule.
  • Despite Liberia’s long years of independence, it has faced civil wars and economic instability, showing that the length of sovereignty doesn’t always translate to political or economic strength.
  • While sovereignty marks a historic milestone, many African nations, especially younger ones like South Sudan, continue to grapple with political, economic, and developmental challenges even decades after gaining independence.
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Key takeaways:
  • BUA Foods saw a significant profit increase between Q1 2021 and Q4 2024, with notable highs in 2024.
  • In Q3 2023, there was a drastic drop in profits, which was subsequently followed by a robust recovery.
  • The highest profit before tax was recorded in Q3 2024 at ₦78.47 billion.
  • Quarterly profits varied, ranging from as low as ₦2.02 billion to as high as ₦78.47 billion.
  • A significant turning point occurred in 2024, with quarterly profits consistently surpassing ₦60 billion.
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Key takeaways:
  • The most significant growth was observed in 2024, with operating profit reaching a record high of ₦174.97 billion in Q4.
  • Despite experiencing some fluctuations each quarter, the company displayed resilience and a strong capacity for scaling.
  • BUA Foods showed consistent improvement in operating profits year over year.
  • Quarterly operating profits ranged from around ₦20 billion in 2021 to nearly ₦175 billion in Q4 2024.
  • A major breakthrough occurred in 2024, with quarterly operating profits consistently exceeding ₦99 billion.
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